ES Support and resistance levels

• ES hour chart with resistance levels
• 1286 and 1293 are the resistance levels
• 1276 will act as the immediate support

ES Hour bullish price action

• ES Hour has given a breakout above the resistance line in hour chart.
• Price falling below the marked area will be negative.
• 1286 level may act as resistance.

How to trade a Failed Pattern

• ONGC's Head and shoulders showed how a failed pattern can give a fast move in the opposite direction.
• After breaking the neck line there was no big breakdown. The Long Shadows of the daily candles gave a hint of the reversal.
• When price reversed above the neck line it was time to go long and longs gave good profits.
• So when a pattern fails have plans to reverse your trade.
• Long Shadows often shows reversals
  

BANK NIFTY and SBI Analysis

BANK NIFTY DAILY LINE CHART

SBI DAILY CHART

• Bank Nifty is getting into a resistance zone.
• As shown in the first chart price has reversed many times from 11160 level on a closing basis.
• Around 11300 price will also hit the Down Trend line.
• So for a bigger breakout to happen price should sustain and close above 11300 Level.
• SBI too is approaching resistance zone. So if Bank Nifty is to make a breakout Then SBI has to stay above 2353 and should make an attempt towards its 50 DMA.